Local Markets Commentary

The Australian market opens Friday trade on no new US leads, due to the Thanksgiving holiday, but ahead of Japan’s October CPI report, expected 10.30am AEDST.

In overnight commodities trade, LME gold rose slightly. Brent crude turned to settle a little higher. Copper and iron ore continued to appreciate.

The $A generally maintained gains after climbing to US74.10c yesterday evening.

No major domestic economic reports are scheduled for release today.

This morning, New Zealand has reported an $NZ846M October trade deficit against expectations of $NZ971M. Exports came in at $NZ3.9B. Imports were valued at $NZ4.7B.

China is expected to publish October industrial profits Sunday.

Overseas Market Commentary

Major European equities markets chopped and swung their way in relatively quiet trade towards positive settlements overnight.

US markets were closed for Thanksgiving.

A final September quarter GDP reading for Germany confirmed 0.2% growth for the quarter and 1.7% year-on-year.

The European Central Bank’s (ECB) financial stability review cited international political uncertainty as a key risk, as did ECB president Mario Draghi a few days ago.

Meanwhile, Turkey’s central bank raised rates in what was seen as an attempt to support the lira.

Tonight in the US markets resume for a shortened session (9.30am – 1pm ET).

Initial ‘Black Friday’ sales indications are also keenly anticipated, marking the commencement of holiday-season buying.

In addition, wholesale inventories, an initial November services sector activity index and October trade balance are due.

In the UK, a second September quarter GDP reading is also expected to be keenly analysed.

Overnight, China online travel booking firm Ctrip was reported to be paying £1.4B ($US1.75B) for similar UK business Skyscanner.

Domino’s Pizza appreciated greater than 5% after promoting further expansion plans on success with recent new activity.